Initial unemployment claims have fallen to yet another pandemic-era low
Initial unemployment claims dropped but slightly over the past week, suggesting the labor market may be "leveling off" as the pace of pandemic layoffs reaches a possible "plateau," reports CNBC, per the U.S. Labor Department.
First-time filings for the week ended Nov. 13 totaled 268,000, 1,000 less than a week ago, though slightly higher than the 260,000 estimate. It's now the seventh straight week to see a drop in claims. The total, which was in keeping with the past month, was also "the lowest since the beginning of the pandemic," CNBC explains, though it remains "slightly above the 2019 weekly average of 218,000," per Fox Business.
Continuing claims, which run a week behind and "provide an approximation for the number of people receiving regular state benefits," also dropped to a new pandemic low of 2.08 million in the week ended Nov. 6, per CNBC and The Wall Street Journal.
Subscribe to The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
From our morning news briefing to a weekly Good News Newsletter, get the best of The Week delivered directly to your inbox.
A shortage of workers nonetheless remains "an obstacle to faster job growth," notes Reuters.
But "demand for labor is very strong and workers are in short supply," economist Gus Faucher told Reuters, "so layoffs are very low right now."
Create an account with the same email registered to your subscription to unlock access.
Sign up for Today's Best Articles in your inbox
A free daily email with the biggest news stories of the day – and the best features from TheWeek.com
Brigid Kennedy worked at The Week from 2021 to 2023 as a staff writer, junior editor and then story editor, with an interest in U.S. politics, the economy and the music industry.
-
Magazine interactive crossword - April 26, 2024
Puzzles and Quizzes Issue - April 26, 2024
By The Week US Published
-
Magazine solutions - April 26, 2024
Puzzles and Quizzes Issue - April 26, 2024
By The Week US Published
-
Magazine printables - April 26, 2024
Puzzles and Quizzes Issue - April 26, 2024
By The Week US Published
-
Post Office's Capture software to be reviewed over 'glitches'
Speed Read Solicitor representing accused postmasters says flaws in the IT system follow 'very similar pattern' to Horizon
By Arion McNicoll, The Week UK Published
-
Empty-nest boomers aren't selling their big homes
Speed Read Most Americans 60 and older do not intend to move, according to a recent survey
By Peter Weber, The Week US Published
-
Brazil accuses Musk of 'disinformation campaign'
Speed Read A Brazilian Supreme Court judge has opened an inquiry into Elon Musk and X
By Rafi Schwartz, The Week US Published
-
Disney board fends off Peltz infiltration bid
Speed Read Disney CEO Bob Iger has defeated activist investor Nelson Peltz in a contentious proxy battle
By Rafi Schwartz, The Week US Published
-
Disney and DeSantis reach detente
Speed Read The Florida governor and Disney settle a yearslong litigation over control of the tourism district
By Peter Weber, The Week US Published
-
Visa and Mastercard agree to lower swipe fees
Speed Read The companies will cap the fees they charge businesses when customers use their credit cards
By Peter Weber, The Week US Published
-
Reddit IPO values social media site at $6.4 billion
Speed Read The company makes its public debut on the New York Stock Exchange
By Peter Weber, The Week US Published
-
Housing costs: the root of US economic malaise?
speed read Many voters are troubled by the housing affordability crisis
By Peter Weber, The Week US Published